Bio: Donny Zhao joined the UNC Kenan-Flagler Ph.D. program in 2012. He earned a Bachelor of Commerce (Honours) degree from the University of Melbourne in Australia.

Research Interests: Debt markets; Financial accounting; Social networks; Corporate governance; Voluntary disclosure; Hedge fund activism.

Teaching Interests: Managerial accounting, Financial accounting.


Personal Website:

Recent Publication

The Effects of CDS Trading on Information Asymmetry in Syndicated Loans. Journal of Financial Economics, forthcoming (With Dan Amiram, William Beaver and Wayne Landsman)

Job Market Paper (Latest version)

The Economics of Bank Cross-Firm Selling: The Value of Borrower Board Connectedness and Opacity